Wednesday 28 February 2018

PSU Banks Trades Lower; Bank Of India, PNB Stocks own

Posted by suhani varma on Wednesday, February 28, 2018 with No comments



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The Nifty PSU Bank Index extended losses for the third consecutive session. The other top losers included Bank of India, PNB, SBI, Canara Bank and Allahabad Bank.The Nifty PSU Bank Index extended losses for the third consecutive session. The PSU banking index was down 0.17%. PSU Bank Index was down over 17% in the month of February till now.
The government on Tuesday has asked public sector banks to examine non-performing assets worth more than Rs50cr for frauds. Any newly identified NPA for fraud would propel the bank to make higher provisions in the coming period, which would dent PSU bank’s profitability. 

The other top losers included Bank of India, PNB, SBI, Canara Bank and Allahabad Bank.

ICICI Bank slipped over 2% after the bank said that the company has exposure to the Gitanjali Group. However, Syndicate Bank made a recovery of 5% from intra-day low. Currently, the stock is trading higher by 2%, followed by Andhra Bank, Union Bank and IDBI Bank.

Bank of India is currently trading at Rs115.60 down by Rs2.65 or 2.24% from its previous closing of Rs118.25 on the BSE. The scrip opened at Rs115.40 and has touched a high and low of Rs117.35 and Rs112.15 respectively.

Punjab National Bank is currently trading at Rs96.30 down by Rs2.05 or 2.08% from its previous closing of Rs98.35 on the BSE. The scrip opened at Rs94 and has touched a high and low of Rs99.30 and Rs92 respectively.

State Bank of India is currently trading at Rs265.70 down by Rs2.1 or 0.78% from its previous closing of Rs267.80 on the BSE. The scrip opened at Rs264.80 and has touched a high and low of Rs267.30 and Rs260.90 respectively.

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